Questions to Ask a Mortgage Broker (and the Answers You Should Expect)

Using a mortgage broker to help you choose a home loan can save you considerable time and could result in huge savings. However, before you decide on a broker, you need to make sure they’re going to meet your needs.

Knowing the right questions to ask a mortgage broker makes that much easier. Below are ten questions to ask your mortgage broker at your first meeting, along with the kind of answer a good broker should give.

1. How long have you been a mortgage broker?

Knowing your broker is experienced and has a solid track record can make you more comfortable with your decision. This question tells you how long they’ve been broking and what sort of lending they’re involved in. Also ask for client testimonials or reviews.

Answer to expect: a clear number of years, the types of loans they handle most often and examples of clients in situations like yours.

2. Are you licensed and a member of an industry body?

It’s important to check a broker’s qualifications and credentials. Brokers must complete at least a Certificate IV in Finance and Mortgage Broking and either hold an Australian Credit Licence or be authorised under a licensed aggregator or lender. They should also belong to the Mortgage & Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).

Answer to expect: their licence or credit representative number and the industry body they belong to, without hesitation.

3. How many lenders do you have access to?

The broker you choose should be able to offer loans from a large number of Australian lenders. Ask how many they work with and whether they can provide a full list.

Answer to expect: a specific number, a mix of major banks and smaller lenders, and a willingness to share their panel.

4. How do you determine the best lender?

Your broker’s primary job is to source the right home loan for your specific needs. A low interest rate is key, but a broker should also assess your requirements, present a number of product options and show how they compared them.

Answer to expect: a shortlist of two or three loans, with reasons each one suits you.

5. What fees and commissions are you entitled to?

This question may seem blunt, but brokers earn income from every loan they arrange, so it’s good to understand how they’re paid and how that may affect you. Your broker must disclose all payments and commissions they receive.

Answer to expect: a plain explanation of upfront and trail commissions, plus any fees you might pay, set out in a credit guide.

6. How much can I borrow?

A broker should give you an idea of how much you can borrow based on your deposit, income, assets and liabilities. This helps you understand what type of property you can afford.

Answer to expect: a realistic range, not just the maximum a lender might approve, and what your repayments would look like.

7. What grants or schemes am I eligible for?

First home buyers may be entitled to government grants, stamp duty concessions and low-deposit schemes. Your broker should know what’s available in your state or territory and help with the paperwork.

Answer to expect: the specific schemes you qualify for and how they affect your deposit.

8. What’s the best loan structure for me?

A good broker should advise on which loan structure makes the most sense for you. Ask whether a variable rate is best, or a split loan with variable and fixed portions. Also ask whether it includes an offset account or redraw facility, and whether you should pay principal and interest, or interest only.

Answer to expect: a recommendation tied to your goals, such as paying the loan off faster or keeping repayments flexible.

9. What are the next steps?

Ask about the process for getting your application underway, including the information and documents you need to provide. A good broker should be able to give you a checklist.

Answer to expect: a written document checklist and a clear outline of each stage.

10. How long will it take?

This determines how quickly you can start shopping around. Ask your broker to estimate when you should get pre-approval and how long full approval and settlement should take.

Answer to expect: an honest timeframe for pre-approval and settlement, plus what could cause delays.

Questions to ask based on your situation

First home buyers

If you’re buying your first home, the most useful questions to ask a mortgage broker as a first-time home buyer cover how much deposit you really need, whether you’ll pay lenders mortgage insurance and which costs to budget for beyond the deposit. A broker who specialises in first home buyer home loans should walk you through each stage, from pre-approval to settlement.

Refinancing

If you’re refinancing your home loan, ask how much you could save after switching costs, whether your current lender might match a better rate and how refinancing affects any fixed-rate break fees.

Self-employed borrowers

Ask which lenders accept your income documents, how many years of tax returns you’ll need and whether low-doc options suit you. A mortgage broker for self-employed borrowers should know which lenders assess business income favourably.

Investors

Ask how a new loan affects your borrowing capacity for future purchases, whether interest-only repayments make sense and how to structure loans across properties. An experienced mortgage broker for investment property can help you plan beyond the next purchase.

Ready to dive deeper?

Asking the right questions upfront means fewer surprises later, and a good broker will welcome every one of them. To talk through your situation with an experienced Gold Coast mortgage broker, book a free chat or call 1300 855 244.

Frequently asked questions

What should I ask a mortgage broker at the first meeting?

If you’re unsure what to ask a mortgage broker, start with their experience, licence, lender panel and how they’re paid. Then move on to how much you can borrow and the next steps. For more on judging a broker’s answers, see our guide on how to choose a mortgage broker.

Are there specific questions to ask a mortgage broker in Australia?

Yes. The best questions to ask a mortgage broker in Australia reflect local rules. Brokers here are legally required to act in your best interests, so ask how they meet that duty. It’s also worth asking whether they’re a member of the Australian Financial Complaints Authority (AFCA), which handles disputes.

Does it cost anything to meet a broker?

Most brokers, including our finance broker Gold Coast team, offer an initial consultation at no cost, because they’re paid by the lender when your loan settles. Still, confirm any fees upfront so there are no surprises.

Should I choose a local broker?

Plenty of brokers work online, but a local broker understands the area’s property market and can meet you face to face. If you’re buying in South East Queensland, for example, a home loan broker Gold Coast residents can visit in person may know which lenders are comfortable with certain suburbs or property types.

Should I bring documents to the first meeting?

It helps to bring recent payslips, bank statements and details of any debts. Your broker can then give you a more accurate idea of your borrowing capacity from the start.